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Marine Selective Catalytic Reduction Systems Market Size
Marine Selective Catalytic Reduction Systems Market size exceeded USD 4.5 billion in 2022 and is projected to expand at more than 6% CAGR from 2023 to 2032, as a result of the implementation of stringent regulations for maritime emission reduction.
Global efforts toward reducing the adverse impact of climate change are encouraging ports to accelerate zero-emission targets. Citing an instance, in November 2022, the Ports for People campaign for Pacific Environment launched the P4P RePORT Cards initiative to assess the progress of the ports toward zero-emission shipping. Such initiatives to mitigate emissions will bolster the demand for port equipment and fuel the need for advanced active emission control technology, including selective catalytic reduction (SCR) systems, to curb tailpipe emissions.
The high cost of installation and upfront investment may limit the use of selective catalytic reduction in ships. The retrofitting of marine SCR systems also requires the inactiveness of ships, thereby asserting an adverse impact on the shipping marine selective catalytic reduction systems market progress to some extent. Moreover, the introduction of favorable policies to increase the adoption of sustainable systems and the rising investment to advance shipping fleets is likely to create lucrative opportunities for industry growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 4.6 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6% |
| 2032 Value Projection: | USD 9.5 Billion |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 580 |
| Tables, Charts & Figures: | 1,016 |
| Segments covered: | Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
Marine Selective Catalytic Reduction Systems Market Analysis
Offshore marine selective catalytic reduction systems market is anticipated to surpass over USD 4.5 billion by 2032, on account of the rapid expansion of sea route networks. For instance, researchers have identified that the safe navigation season for open-water vessels across the Arctic is gradually becoming longer than estimates from climate models. In addition, the emphasis on boosting the procurement of essential vessel supplies has also increased worldwide.
To cite an instance, in March 2022, a Singapore-based e-commerce solution, Shipskart, secured USD 2.7 million in a Series A funding round to bring essential vessel procurement, one of the maritime and offshore sector’s most analog process, to the online platform. These factors will foster the construction of marine engines and in turn, proliferate the deployment of selective catalytic reduction systems. Likewise, R&D initiatives to ensure robust and reliable operations of marine catalytic converters have also surged for offshore applications, further strengthening the industry outlook.
Marine selective catalytic reduction systems market size from the commercial applications is poised to register nearly 6% growth rate through 2032. This growth is credited to the mounting production of container vessels, bulk carriers, tankers, and other commercial vessels. The sea route has emerged as a preferred option for global transport networks. These factors, alongside the launch of favorable government incentive programs to upgrade marine transportation, will escalate the adoption of marine SCR systems to limit emissions from commercial vessel engines.
North America marine selective catalytic reduction systems market value is expected to reach more than USD 1 billion by 2032 due to the establishment of strict regulatory norms to limit emissions and the rising focus on the upgradation of traditional vessels. In 2022, the U.S. government laid out plans to advance international and domestic green shipping corridors to help achieve global net-zero GHG emissions by 2050. With the resultant increase in focus on compliance with such standards, the demand for efficient marine SCR systems is likely to rise. Additionally, the growing number of shipbuilding projects and the implementation of favorable pollution reduction directives will also augment the use of SCR systems to curb emissions.
Marine Selective Catalytic Reduction Systems Market Share
The competitive landscape of the marine selective catalytic reduction systems market consists of companies such as
- Industrial & Marine Silencers Ltd.
- Nett Technologies, Inc.
- Ceco Environmental
- Environmental Energy Services Corporation
- Mitsubishi Heavy Industries, Ltd.
- Lindenberg-Anlagen GmbH
- Agriemach Ltd.
- DEC Marine AB
- H+H Engineering & Service GmbH
- Caterpillar
- DCL International Inc.
- Hug Engineering
- Panasia Co., Ltd.
- Kwang Sung
- Hitachi Zosen Corporation
- HHI Engine & Machinery
- Wartsila
These firms are focusing on advanced product launches and business expansion strategies to reinforce their footprint in the industry.
For instance, in April 2021, Wartsila unveiled an integrated engine designed to be combined with the Selective Catalytic Reduction system to comply with the Stage II marine engines emission standard in China. This advanced solution also integrated 20 marine engines with a NOx reducer, enabling the company to enhance its portfolio and establish a strong presence in the industry.
Impact of COVID-19 Pandemic
The outbreak of the COVID-19 disease asserted a profound impact on global industry verticals including shipping and maritime, especially during the initial months. The pandemic caused the sector to witness significant disruptions impelled by the shutdown of operations as a part of efforts to curb viral transmission. During the lockdowns, ports were also closed to ensure the health and safety of workers, creating an adverse impact on maritime projects, as well as peripheral industries such as the marine selective catalytic reduction systems industry.
Furthermore, the introduction of stringent norms, including the ban on marine vessels, may hinder business growth to some extent. However, with the gradual recovery from the pandemic-induced disruptions, the rate of shipping is anticipated to rise, and in turn, bolster marine SCR system production over the forthcoming years.
The marine selective catalytic reduction systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “Capex” from 2019 to 2032, for the following segments:
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Market Insights, By Application
- Commercial
- Container Vessels
- Tankers
- Bulk Carriers
- Roll On/Roll Off
- Others
- Offshore
- AHTS
- PSV
- FSV
- MPSV
- Others
- Recreational
- Cruise Ships
- Ferries
- Yachts
- Others
- Navy
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- Norway
- France
- Russia
- Denmark
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Middle East & Africa
- Saudi Arabia
- UAE
- Iran
- Angola
- Egypt
- South Africa
- Latin America
- Brazil
- Argentina
- Mexico
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